Fund Raising across the Boards

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THE FUND RAISER: Always good to see funds raised and then put to good use out in the field.

Finance to Fund Mankarga 5 Feasibility Study

West African Resources (ASX: WAF) has signed a Committed Term Sheet with the Metals & Energy Capital Division of Macquarie Bank Limited to provide a two-year US$5 million convertible loan facility to fully fund the completion of the Feasibility Study for the company’s Mankarga 5 heap leach gold project in Burkina Faso.

“It is very pleasing to have the support of Macquarie in developing the Mankarga 5 heap leach starter project,” West African Resources managing director Richard Hyde said.

“It strongly endorses both the quality of the Mankarga 5 project, and the company achieving its aim of being a plus-50,000 ounce per annum of gold producer by the end of 2015.”


$0.46 million R&D tax refund

Australia Minerals and Mining Group (ASX: AKA) has received a research and development (R&D) tax refund of $462,172 under the federal government’s R&D Tax Incentive Scheme.

The company’s claim relates to the costs of its R&D activities conducted during the 2013/2014 financial year, particularly in relation to the development and test work of its 100 per cent-owned high purity alumina (HPA) project.


$3.6 million Placement

Red River Resources (ASX: RVR) completed a capital raising with commitments received for a placement of Fully Paid Ordinary Shares to raise $3.6 million before costs.

The placement is for 20 million shares at 18 cents each to institutional investors and professional and sophisticated investors.

“The company is pleased to welcome a number of institutional investors onto the company’s register,” Red River Resources managing director Donald Garner said.

“We are very pleased with the support we have received for this capital raising.

“We will now progress the restart studies, commence exploration activities at Thalanga as well as to continue evaluation work on our current project pipeline.”

Proceeds of the placement will be used for working capital as well as directed to ongoing project development activities at the company’s Thalanga asset, including the Thalanga restart study, a mining option/evaluation study on the current project pipeline and the company will also restart exploration activities on its Southern Region assets.